Spend management platform EnKash Launches Olympus to automate business payables and receivables

According to the startup, Olympus aims to bridge the gap for mid-size and traditional businesses which struggle with the high costs and complexities involved in adopting digital payment mechanisms.

Spend management platform EnKash today announced the launch of 'Olympus,' a first-of-its-kind solution to automate business payables and receivables.

According to the startup, Olympus aims to bridge the gap for mid-size and traditional businesses which struggle with the high costs and complexities involved in adopting digital payment mechanisms.

The platform caters specifically to startups and small to midsize businesses and offers a 'plug & play' integration process in a fully self-service mode.

It integrates with a business's existing accounting and enterprise resource planning (ERP) software, eliminating tedious manual tasks like transaction entries, bank reconciliation, payment and collection management, and invoice management. According to reports from early adopters, the platform can enhance productivity by over 40% and cut overall costs by nearly 50%.

Additionally, Olympus claims to mitigate risk and fraud in business transactions by onboarding only validated buyers and suppliers and auto-flagging any discrepancies.

The platform also enables businesses to issue bulk invoices and attach payment links with a single click. It also manages the entire collection cycle, right from invoice delivery to payment reminders and reverse entries into the accounting software. Intelligent algorithms within Olympus solve complex reconciliation and reporting tasks and provide real-time multi-bank reconciliation, saving countless man-hours daily.

Commenting on the launch, Hemant Vishnoi, Co-founder of EnKash, said, "Mid-Market Enterprises (MMEs), which make a significant contribution to the economy, need consistent tech empowerment to enhance their operations. With Olympus, we leverage our team's experience and expertise to assist them in adopting tech-based solutions.”

“Traditionally, most enterprise-grade banking solutions cater to large enterprises, leaving mid-market enterprises (MMEs) with manual, time-consuming tasks. This gap is primarily due to the prohibitive cost of ERP solutions. At EnKash, we're committed to developing tech-first products tailored for mid-sized businesses, offering affordable solutions for accounts payable and receivable automation," Vishnoi added.

Naveen Bindal, Hemant Vishnoi, and Yadvendra Tyagi are the co-founders of Enkash.

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